TY - GEN
T1 - Blockchain Framework for Agro Financing of Farmers in South India
AU - Chacko, Namrata Marium
AU - Narendra, V. G.
AU - Balachandra, Mamatha
AU - Kaushik, Shoibolina
N1 - Publisher Copyright:
© 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.
PY - 2022
Y1 - 2022
N2 - In India, small scale farmers face challenges acquiring crop loans and insurance. The government of India has many schemes for both. However, due to lapses in processing, these commercial bank loans are difficult to avail. Thus farmers approach Microfinance Institutions (MFI) or moneylenders, who charge high interest rates. To eliminate this difficulty, a novel blockchain based module is proposed in this paper, incorporating farmers’ credibility, verifying insurance claims, and assured guaranteed repayment of loans to investors. The inherent property of blockchain ensures trust and transparency. The proposed blockchain module has four participating entities, the farmer, investors, customers, and the government agent, governed by the smart contract rules. The concept of trusted oracles is used to gather weather data, and the smart contract decides the payout and the subsidized loan repayment. This module is implemented and tested in the Ethereum live test network. Performance evaluation shows that the proposed module has an average latency of 30 s and minimal fees.
AB - In India, small scale farmers face challenges acquiring crop loans and insurance. The government of India has many schemes for both. However, due to lapses in processing, these commercial bank loans are difficult to avail. Thus farmers approach Microfinance Institutions (MFI) or moneylenders, who charge high interest rates. To eliminate this difficulty, a novel blockchain based module is proposed in this paper, incorporating farmers’ credibility, verifying insurance claims, and assured guaranteed repayment of loans to investors. The inherent property of blockchain ensures trust and transparency. The proposed blockchain module has four participating entities, the farmer, investors, customers, and the government agent, governed by the smart contract rules. The concept of trusted oracles is used to gather weather data, and the smart contract decides the payout and the subsidized loan repayment. This module is implemented and tested in the Ethereum live test network. Performance evaluation shows that the proposed module has an average latency of 30 s and minimal fees.
UR - http://www.scopus.com/inward/record.url?scp=85131911379&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85131911379&partnerID=8YFLogxK
U2 - 10.1007/978-3-031-07012-9_56
DO - 10.1007/978-3-031-07012-9_56
M3 - Conference contribution
AN - SCOPUS:85131911379
SN - 9783031070112
T3 - Communications in Computer and Information Science
SP - 679
EP - 690
BT - Emerging Technologies in Computer Engineering
A2 - Balas, Valentina E.
A2 - Sinha, G. R.
A2 - Agarwal, Basant
A2 - Sharma, Tarun Kumar
A2 - Dadheech, Pankaj
A2 - Mahrishi, Mehul
PB - Springer Science and Business Media Deutschland GmbH
T2 - 5th International Conference on Emerging Technologies in Computer Engineering: Cognitive Computing and Intelligent IoT, ICETCE 2022
Y2 - 4 February 2022 through 5 February 2022
ER -
